Stonemont and PCCP LLC Acquire 38-Building Link Logistics Portfolio From Blackstone for $1 Billion
Closely held real estate firms Stonemont and PCCP LLC are acquiring a portfolio of 38 industrial buildings from Blackstone's Link Logistics in a deal valued at approximately $1 billion, the companies announced July 29, 2026.
The portfolio encompasses 5.9 million square feet of bulk and light-industrial properties across five markets: Austin, central Florida, Dallas, Phoenix, and Charlotte, North Carolina. JPMorgan Chase and Wells Fargo provided financing for the transaction, and Eastdil Secured advised on the debt execution.
Deal Structure and Portfolio Composition
The transaction implies a portfolio price of approximately $170 per square foot across the 38 assets. Stonemont President Bryan Blasingame described the collection as consisting of bulk and light-industrial properties occupied by stable, long-term tenants.
"We carefully curated this collection of properties by emphasizing those that sit at the intersection of population growth, cross-border trade and tenant demand," Blasingame said in a statement reviewed by Bloomberg News.
Stonemont Chief Executive Officer Zack Markwell said the firm intends to continue pursuing "attractive acquisition opportunities" alongside its existing development program. Atlanta-based Stonemont was founded in 2007 and currently manages $5.3 billion in assets. Los Angeles-based PCCP LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.
Blackstone's Perspective: Capital Rotation, Not an Exit
Blackstone characterized the sale as consistent with its broader logistics strategy rather than a retreat from the sector. The firm said it remains a committed owner of industrial real estate, citing ownership of nearly $80 billion of warehouses in North America and nearly $170 billion globally.
"With limited vacancy and new construction starts down over 60% from the 2022 peak, logistics remains a high-conviction theme for us," Blackstone said in an emailed statement. "We are proud owners of nearly $80 billion of warehouses in North America and nearly $170 billion in total around the world."
Link Logistics is Blackstone's industrial real estate unit. The sale of stabilized, cash-flowing assets in growth markets is consistent with a capital recycling approach — locking in gains from earlier in the cycle and redeploying proceeds into higher-yield opportunities.
AI-Driven Demand and Market Fundamentals
The transaction comes as AI-driven demand for real estate is spilling over into the warehouse sector, absorbing excess space and supporting rents near large data centers under construction. In the nine months prior to the announcement, Link Logistics saw roughly 15% of new leasing at its U.S. properties come from data center-related tenants.
The five target markets reflect this broader dynamic. Austin has emerged as a data center growth market, with semiconductor, e-commerce, and tech manufacturing demand supporting industrial fundamentals even as new supply has pushed vacancy off record lows. Dallas–Fort Worth remains one of the largest U.S. industrial markets by inventory and absorption; after a wave of speculative deliveries in 2023–2025, construction starts have fallen materially, a trend expected to tighten the market over the coming years.
Central Florida's I-4 corridor — spanning Tampa to Orlando — serves as a major statewide distribution spine, with sustained population growth and strong in-migration underpinning warehouse demand. Phoenix has positioned itself as a near-shoring and West Coast relief valve, serving both Southern California overflow and Mexico–U.S. trade flows, while also attracting AI and data center investment due to available land and power access. Charlotte, situated between Atlanta and the Mid-Atlantic, benefits from population growth, manufacturing activity, and relatively constrained new supply.
Across all five markets, the common characteristics align with Stonemont's stated acquisition thesis: strong population and consumption growth, emerging supply discipline following the 2022–2024 construction surge, and strategic positioning for near-shoring and AI-related logistics demand.
Market Context: Supply Pullback Sets the Stage
Blackstone's reference to construction starts falling more than 60% from the 2022 peak reflects a broad pullback in industrial groundbreakings as debt costs climbed through 2023–2025. With new supply slowing, stabilized portfolios in high-growth markets have attracted sustained buyer interest from institutional and private capital alike.
Some details of the transaction were reported earlier by Green Street.
Sources
Stonemont Financial — Blackstone's Link Sells $1 Billion in Property to Stonemont